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Canada Businesses

Compilation, review or audit?

Six questions. The answer is the lowest level that corporate law and every reader of your statements will accept, plus what to confirm before you rely on it.

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1. Where is the business incorporated?
2. Are its shares or debt publicly traded or offered to the public?
Alberta calls this a reporting issuer; the federal Act, a distributing corporation.
3. Will the shareholders waive the auditor for this year?
Alberta: special resolution, at least 2/3 of votes cast. Federal: every shareholder, voting or not.
4. Does any lender, bonding company, franchisor, landlord, grant or investor agreement name a level?
5. Are you likely to raise money or sell within about three years?
6. Who reads the statements now?

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Sources

  1. Alberta King’s Printer, Business Corporations Act, RSA 2000, c B-9 — current as of 2 September 2026; s. 1 (special resolution), s. 163. Read 25 October 2026.
  2. Justice Laws Website, Canada Business Corporations Act, s. 163. Read 25 October 2026.
  3. IAS Plus (Deloitte), summarising the CPA Canada Handbook, CSRS 4200, Compilation Engagements. Read 25 October 2026.
  4. CPA Canada, Audit and assurance alert: Engagements to review historical financial statements (CSRE 2400). Read 25 October 2026.
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